Profiles of Existing Government Corporations - US Government ...

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48
CORPGl?ATION PROFILE
EXIH
a. Prior to taking its present name of the Export-Import Bank of
the United StateS, the corporation was known as the
Export-Import Bank of Washington. The latter was authcrlzed
am a banking corporation by Executive Order 5581 ot? February
2, 1934. The bank vas continued as a U.S. agency by acts of
the Congress in 1935, 1937, 1939 and 1940, and made an
independent agency by the Export-Import Bank Act of 1945 on
July 31, 1945. The nama of the bank was then changed to its
present name on March 13, 1966.
b. Accounting records are maintained on an accrual basis with
the exception of write-offs of loans and payment of claims on
guarantees and insurance policies. Loans are vritten off and
charged to income when the outstanding principal is
determined uncollectible. Interest on delinquent loans
receivable is accrued until determined by an individual-case
basis that a particular loan should be nonaccruing. Claims,
except for purchases of aeeete, are charged to income in the
year paid. Later recoveriee of amounts vritten off or of
amounts vhich have baan paid as claims are treated as income
in the year received.
C. The aggregate amount of loans, guarantees, and insurance
shall not excead S40 billion at any one time. Loans are
charged against the $40 billion limitation at 100 percent of
their authorized amounts. Guarantees and insurance are
charged against the S40 billion limit at not leee than 25
percent of EXIPI's contractual liability vith the provision
that the aggregate amount of guarantees and insurance so
charged may not exceed $25 billion outstanding at any one
time. (See note a.)
d. Includes insurance and guarantoae.
a. The aggragate amount of guaranteee, insurance, coinsurance,
and reinsurance which may be charged on a fractional reserve
basis may not exceed S25 billion outstanding at any one time.
Guarantees and insurance up to $25 billion ara charged
against the 540 billion limit on the fractional basis. (Sea
note c.)
f. Notes payable to Federal Financing Bank.
9, Calculated am:
Borroving from the Federal Financing Bank $511,000,000
Total government borroving